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16-0315_CAPISTRANO UNIFIED SCHOOL DISTRICT_E1a_PowerPoint A local agency forms a CFD under the Mello-Roos Community Facilities Act of 1982 Bonds are issued Bond proceeds are used to finance public infrastructure and development fees Bonds are repaid by Special Taxes imposed on the homeowners 2 1999 – CUSD formed CFD 98-1 2004 – The City and CUSD entered into a Joint Community Facilities Agreement 2008 – 98 of 416 homes were built and sold to homeowners 2008 – Developer (SunCal) defaulted on private financing 2015 – New Developer (Taylor Morrison) purchased the project 2016 – The various parties reach an agreement that will result in a reduction in the rate of Special Tax that is paid by existing homeowners 3 March – CUSD Board of Trustees approves a Resolution of Intent to Amend CFD 98-1 April – City Council approves amended Joint Community Facilities Agreement 2016/17 – Existing homeowners see their Special Tax reduced from 57.73% to 39.67% 4 Today we have representatives from the various stakeholders associated with Pacifica San Juan in case there are questions: Capistrano Unified School District CUSD’s financial advisor The City’s bond counsel Taylor Morrison Homeowners 5